Our RV dealership had signed on with Redstone Payment Solutions of Houston, Texas for our credit card processing in April of 2009 for a three year contract which ended in April 2012. In August 2012 our business had decided to change our credit card processing to another company whose fees and cost of doing business with were less than those of Redstone's. The new credit card processing company would reimburse us for the usual and customary termination fee of up to $295.
On November 9, 2012, our accountant was reconciling our monthly business for September and found that the amount of $3365.00 had been withdrawn from our account by Redstone Payment Solutions. The last credit card transaction through Redstone was on August 28, 2012. I contacted Redstone Payment Solutions and initially spoke with Sarah Feurguson who referred me to a man by the name of Jason, who is in charge of determining termination fees. Jason indicated to me that our account automatically renewed for an additional 3 years. There was no indication that an automatic renewal was pending as of April 2012 in any statements from December 2011 through April 2012, only that there were newupcoming fees that would be implimented soon.
Evidently it is not a business practice of Redstone Payment Solutions to advise their customers of additional 3 year contract renewal. In talking to Sekurecard Services, in their credit card process experience they have never seen such extremely excessive termination fees slammed on a business for "liquidated damages" or a contract renewal without advance notification. Good Times Unlimited requests a settlement to address the formal complaints with a return of funds to our account in the amount of $3070 resulting in a termination fee paid to Redstone Payment Solutions of $295.